Sentences with phrase «reaffirmation agreement»

Bankruptcy debtors should not sign reaffirmation agreements on second mortgage loans.

Thus my Roseville Bankruptcy Attorneys and I advise clients that signing reaffirmation agreements on first mortgage loans might be in their best interests.

Some lenders won't let you manage your account online without a filed reaffirmation agreement.

In an earlier blog I discussed the pros and cons of signing reaffirmation agreements for first mortgages.

It is important to keep in mind that the discussion of reaffirmation agreements only applies to Chapter 7 bankruptcy cases.

Bankruptcy filers with secured debts will likely be offered reaffirmation agreements by their secured creditors.

The reason that we tend not to see reaffirmation agreements on home mortgages has to do with Minnesota's status as a non-recourse state.

If a clients signs a first mortgage reaffirmation agreement and later defaults on the mortgage loan, the lender will still foreclose, but assuming that the lender forecloses by advertisement (and almost all mortgages are foreclosed this way in Minnesota), the debtor need not worry about having to pay a deficiency if the home sells for less than the mortgage balance.

Reaffirmation agreements do not improve your credit score, are usually always made in favor of the creditors, are not required by law, do not guarantee you will pay for the loan, and the debts covered by them can not be discharged in bankruptcy.

Because reaffirmation agreements rarely benefit the debtor, I usually discourage clients from signing them.

We see reaffirmation agreements all the time.

So even if the car loan is affordable, and even if the car is a model that has an enhanced likelihood of being repossessed, my advice to clients is don't sign reaffirmation agreements for car loans.

So the reaffirmation agreement gives the lender a right (sue for a deficiency) that it likely won't exercise.

A reaffirmation agreement basically reinstates the contract and personally liable remains for the debt after bankruptcy.

Whether your bankruptcy attorney advises you to sign a reaffirmation agreement will largely depend on where you live.

You do not sign the reaffirmation agreement to own the house.

Some lenders won't send monthly statements for your mortgage payments or allow you to set up automatic debits from your bank account without a reaffirmation agreement.

Reaffirmation Agreement: A contract which reimposes the personal liability that the bankruptcy discharge would otherwise eliminate.

If you sign a reaffirmation agreement, you take that personal liability back on and allow the creditor to sue you for any deficiency if you default on the loan.

So why sign a reaffirmation agreement to remain personally liable for the home loan.

A reaffirmation agreement basically says you will continue making your payments on a specific debt and retain the collateral.

It bears repeating: YOU DO NOT HAVE TO SIGN A REAFFIRMATION AGREEMENT TO KEEP YOUR HOUSE.

Most lenders won't report your payments to the Credit Reporting Agencies if a reaffirmation agreement wasn't signed.

If the debtor defaults on payments after signing a reaffirmation agreement, the creditor will have the right to sue for a deficiency judgment.

They will tell you your lawyer messed up by not filing the reaffirmation agreement (that's not true), and that you should reopen the bankruptcy case to have the reaffirmation agreement filed (that won't be allowed in most jurisdictions).

Rather than repossess a vehicle that has a loan of $ 5000 against it (and receive $ 1000 for it at an auction), the smarter creditors will agree to just continue taking your money without a reaffirmation agreement if you're willing to continue paying.

In most states, debtors will be required to sign a reaffirmation agreement if they wish to keep their car.

If you want to save your home even after filing chapter 7 bankruptcy, then you need to file a reaffirmation agreement.

• A mortgage lender can't foreclose on your home in Wisconsin unless you default on the loan, even if you don't sign a reaffirmation agreement.

If you sign a reaffirmation agreement, you give back that benefit without getting anything in return.

It's possible that BoA did not send you a reaffirmation agreement because it knew that it wasn't necessary.

A reaffirmation agreement reimposes the personal liability that would otherwise be discharged in your bankruptcy.

Here in Wisconsin, judges won't reopen just to file a reaffirmation agreement.

If you are keeping your car or home make sure you have received the reaffirmation agreement from your lender AND it has been filed.

I am a bankruptcy paralegal in Georgia, and I can tell you from my personal experience the neither Bank of American nor Wells Fargo will proactively send out a reaffirmation agreement to our office.

Whether to sign a reaffirmation agreement is a serious decision, and the state in which you live is a factor.

In Georgia, you can only open a case to file a Reaffirmation Agreement if the Agreement was executed prior to the discharge entry.

There are cases holding that it is the creditor's duty to prepare a reaffirmation agreement.

If a creditor tried to repossess your vehicle solely because you chose not to sign a reaffirmation agreement, I believe you would win that fight in most Wisconsin circuit courts.

If you want additional documents such as reaffirmation agreement, opposition, notice of abandonment, or other, the fee is generally $ 75 per item.

For Chapter 7 Bankruptcy state or federal exemptions may protect a vehicle, but under certain conditions, the vehicle may be liquidated by the trustee unless arrangements are made to either redeem (pay the secured creditor the value of the collateral in exchange for a release by the creditor of their lien) or reaffirm the debt (sign a reaffirmation agreement and continue to make car payments).

And if the client has signed a reaffirmation agreement, the client has to continue making the payments on the loan for the car that is too expensive to pay for.

On the other hand, if there is a reaffirmation agreement signed by the debtors and approved by the Bankruptcy Court, and the borrower / debtor makes timely payment, the loan will be reported to be in good standing.

Clients should understand that second mortgage companies can not foreclose on its mortgage simply because a bankruptcy debtor chooses not to sign a reaffirmation agreement.

But what to do if there was no reaffirmation agreement signed, and a debtor would like to try to refinance?